Depreciation
This query is : Resolved
13 May 2009
Machinery lost by fire on 1.1.2009. Replacement by new machinery took place before 31.03.2009. Can depreciation be claimed on the machinery even if production is not started as on 31.03.2009. If possible can enhanced depreciation be claimed being it a new one.
13 May 2009
If the machine is put to use, depreciation must be claimed. However the depreciation will be 50% of the rate because it will be put to use for less than 180 days.
Enhanced depreciation will also be allowed if an assessee engaged in the business of manufacture or production of any article or thing.
Enhanced depreciation will also be allowed if an assessee engaged in the business of manufacture or production of any article or thing.
13 May 2009
Agree with Mr.Vipul
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